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Staff: new multifamily projects could raise Dickinson rent averages and attract retail
Summary
EDC staff presented a white paper and market analysis showing Dickinson's average rent per square foot is $1.14 (city only), which lags the three-mile and five-mile area averages. Staff said three known projects could raise Dickinson's average toward $1.37 and that a longer-term goal is roughly $1.71 per square foot in a five-mile area to support retail attraction.
The staff member presented a multifamily analysis showing the city-limits average rent at about $1.14 per square foot and said expanding to a three-mile radius raises the average to $1.35; removing Dickinson properties increases that to $1.51. “Our average rent per square foot is a dollar 14,” the staff member said, and added that the three known developments would push the projected average to about $1.37, which staff says would make the local market more attractive to retail developers.
Board members asked about unit mix and square footage; staff said the new projects would mainly include one- and two-bedroom units, with Bayou Village including one, two and three-bedroom options. Staff emphasized that raising average rent per square foot is part of a strategy to increase disposable income in the trade area and attract restaurant and retail anchors.
